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Thread: Panel to suggest cuts to Social Security, Medicare

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    Panel to suggest cuts to Social Security, Medicare

    now THIS is interesting.

    The debt panel advising President Obama is set to recommend in a draft that Social Security and Medicare be cut as a way of lowering the deficit.

    The panel also calls for the retirement age to be raised by one month every two years after it reaches 67, "meaning the normal retirement age would reach 68 in about 2050 and 69 in about 2075."

    More points in the plan: "Strengthen Social Security for the long haul by returning the system to sustainable solvency. ... Prevent the 22% across the board benefit cut projected to occur in 2037. ... Reduce elderly poverty by putting into place a new, effective special minimum benefit."



    1. this is hardly enough and
    2. at least this gets the discussion going and the ball rolling.

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    Re: Panel to suggest cuts to Social Security, Medicare

    frak social security. it has been a ponzi/pyramid scam from day 1.
    The best argument against democracy is a five-minute conversation with the average voter.

    An appeaser is one who feeds a crocodile, hoping it will eat him last.

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    Re: Panel to suggest cuts to Social Security, Medicare

    Expanded breakdown

    From the report’s “highlights”

    –Achieves nearly $4 trillion in deficit reduction through 2020: 50+ specific ways to cut outdated programs and strengthen competitiveness by making Washington cut and invest, not borrow and spend.

    –Reduces the deficit to 2.2% of GDP by 2015, exceeding President’s goal of primary balance (about 3% of GDP).

    –Reduces tax rates, abolishes the AMT, and cuts backdoor spending in the tax code.

    –Caps revenue at or below 21% of GDP and gets spending down to 22% and eventually to 21%.

    –Stabilizes debt by 2014 and reduces debt to 60% of GDP by 2024 and 40% by 2037.

    –Ensures lasting Social Security solvency, prevents projected 22% cuts in 2037, reduces elderly poverty, and distributes burden fairly.

    Part of that tax stuff is Wyden-Gregg-style reform, which would repeal the Alternative Minimum Tax and establish a simplified three-rate system (15, 25, 35 percent); triple standard deductions ($15k for individuals, $30k for families) while eliminating a number of itemized deductions; scale back the mortgage deduction and the charitable-giving deduction; and cap the employer tax benefit for health care at the value of the standard federal employee plan.

    The Social Security reforms proposed include:

    –Gradually phase in progressive changes to benefit formula by 2050

    –Index retirement ages to life expectancy

    –Gradually increase taxable maximum to 90% of covered earnings by 2050

    –Apply refined cost of living measure (chained-CPI) to COLA

    –Cover newly hired state and local workers after 2020

    There is also a bunch of health-care spending stuff — letting the “Doc Fix” lapse and reducing reimbursement rates; comprehensive tort reform; shifting some costs in Medicare A and B to seniors; and (dun dun dun!) strengthening the “Independent Payment Advisory Board.”






    now, obviously no one is going to let the doc fix lapse; if that occured there would be an immediate revolution by our elderly. i'm concerned that apparently their method of announcing 'debt reduction' is to propose changes that the know nobody will accept. but i like quite a bit the notion of simplifying the tax code.

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    Re: Panel to suggest cuts to Social Security, Medicare

    Am I missing where this actual report is?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Panel to suggest cuts to Social Security, Medicare

    Drudge report has it in red.



    hmmmm.... obviously no one is going to be happy with their ox being gored; but i'm thinking that the child-tax-credit is one that they should have kept or expanded.

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    Re: Panel to suggest cuts to Social Security, Medicare

    Quote Originally Posted by cpwill View Post
    Drudge report has it in red.



    hmmmm.... obviously no one is going to be happy with their ox being gored; but i'm thinking that the child-tax-credit is one that they should have kept or expanded.
    I'm sorry, but I'm not seeing it on your link. Do I need to search for it myself?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Panel to suggest cuts to Social Security, Medicare

    Draft Proposal from the National Commission on Fiscal Responsibility and Reform

    EDIT:

    And I thought the Democrats wanted to 'protect' social security, not cut it. That's what they've been telling anyone still listening to them.
    Last edited by Whovian; 11-10-10 at 03:35 PM.

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    Re: Panel to suggest cuts to Social Security, Medicare

    Quote Originally Posted by cpwill View Post
    now THIS is interesting.

    The debt panel advising President Obama is set to recommend in a draft that Social Security and Medicare be cut as a way of lowering the deficit.

    The panel also calls for the retirement age to be raised by one month every two years after it reaches 67, "meaning the normal retirement age would reach 68 in about 2050 and 69 in about 2075."

    More points in the plan: "Strengthen Social Security for the long haul by returning the system to sustainable solvency. ... Prevent the 22% across the board benefit cut projected to occur in 2037. ... Reduce elderly poverty by putting into place a new, effective special minimum benefit."



    1. this is hardly enough and
    2. at least this gets the discussion going and the ball rolling.
    Well, if we are serious about reducing the deficit and possibly the debt, than someone is going to get the short end of the stick. Its simply a matter of who.

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    Re: Panel to suggest cuts to Social Security, Medicare

    Quote Originally Posted by Boo Radley View Post
    I'm sorry, but I'm not seeing it on your link. Do I need to search for it myself?
    DRUDGE REPORT 2011®

    Deficit panel leaders' plan curbs Social Security - Politics - msnbc.com

    so on and so forth. are you saying this is not the actual report?

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    Re: Panel to suggest cuts to Social Security, Medicare

    Quote Originally Posted by Whovian View Post
    Draft Proposal from the National Commission on Fiscal Responsibility and Reform

    EDIT:

    And I thought the Democrats wanted to 'protect' social security, not cut it. That's what they've been telling anyone still listening to them.
    Bump......

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